Understanding Ethereum, Bitcoin’s Virtual Cousin

Understanding Ethereum, Bitcoin’s Virtual Cousin

  • The Ethereum network has its own virtual currency, Ether.
  • The shared records of the Ethereum network — of every transaction and computation it has ever performed — are known as a blockchain, just as the shared records of all Bitcoin transactions are known as a blockchain.
  • The versions of the Ethereum software that companies are building will most likely be used to set up private networks that would be totally separate from the public Ethereum network and that would not use the Ether currency.
  • Just as with Bitcoin, Ethereum are “mined,” or created by computers joined into the Ethereum network.
  • As with Bitcoin, Ethereum mining serves a dual process of getting new Ether into the world while providing an incentive for people to join the network and help maintain the Ethereum blockchain.

Ethereum has attracted broad interest from both hackers and corporations with its updates on Bitcoin.
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Ethereum will match Visa in scale in a ‘couple of years’ says founder

#ethereum will match Visa in scale in a couple of years says founder #Visa

  • The mind behind Ethereum, Vitalik Buterin, is matter-of-fact about the crypto.
  • In short, he believes what interviewer Raval Navikant called “brain virus” is the true future of security and economics and, with the right incentives, Ethereum can replace things like credit card networks and even gaming servers.
  • “Where Ethereum comes from is basically you take the idea of crypto economics and the kinds of economic incentives that keeps things like bitcoin going to create decentralized networks with memory for a whole bunch of applications,” he said.
  • “A good blockchain application is something that needs decentralization and some kind of shared memory.”
  • Buterin doesn’t think everything should run on the blockchain but many things can.

The mind behind Ethereum, Vitalik Buterin, is matter-of-fact about the crypto.
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What is ethereum and how does it differ from bitcoin? 

  • The technology it runs on is called ethereum, which was first described by 19-year-old bitcoin programmer Vitalik Buterin in 2013.
  • Buterin envisaged ethereum as an improvement on bitcoin.
  • Like bitcoin, it is a decentralised payment network, with its own cryptograpic currency, that allows anonymous payments to be sent across the internet without the need for a bank or other third party.
  • As the second-biggest cryptocurrency after bitcoin, ethereum has inevitably drawn comparisons to it.
  • But advocates say ethereum has several advantages over bitcoin that make it more useful.

Ethereum is a rising star of the cryptocurrency world.
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Why Motherboard Is Capitalizing ‘Bitcoin’ Again

  • In 2015, we elected to capitalize Bitcoin when talking about the system or protocol, and lowercase denominations of the currency: So, “I love Bitcoin, and I own many bitcoins.”
  • From here on out, we will capitalize cryptocurrencies when referring to the protocol or system—Bitcoin, Ethereum, Monero, etc.—but lowercase the denominations: “I love Ethereum and own a lot of ether.”
  • Bitcoin, for example, recently split off into two separate versions with nearly identical code and, most importantly, an identical transaction history up until the time of the split.
  • With this newly introduced confusion, our previous capitalization policy thrust us into the realm of value judgements: Should the new version of Bitcoin, called Bitcoin Cash, be capitalized when Bitcoin proper is not?
  • With yet another Bitcoin split on the way in November, it’s clear that the Bitcoin protocol (and community) is not as monolithic as we had presumed, and at the moment it’s not as resilient as other technologies we de-capitalize, like the internet.

A story about normalizing technology.
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What is ethereum and how does it differ from bitcoin?

What is ethereum and how does it differ from bitcoin?:

  • The first is that ethereum allows for “blocks”, the records of cryptocurrency transactions, that can be created much more quickly than bitcoin.
  • While bitcoin has been more widely adopted by online retailers and even some physical stores, ethereum’s fans believe its efficiency makes it better for transactions, rather than storing value.
  • Bitcoin’s appeal lies in money that is not controlled by any one party and does not have to run through a central server, but ethereum allows not just money, but all sorts of other things to run on the network.
  • A number of apps are being built on Ethereum, and the network is also being used by start-ups to raise money with initial coin offerings, which exchange ether or other currencies for special “tokens” that grant access to a service.
  • The price of ethereum has climbed more slowly than bitcoin since it launched, holding steady at around $10 for the first 18 months.

Ethereum is a rising star of the cryptocurrency world.
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Microsoft Unveils Technology to Speed Up Blockchain and Its Adoption

  • NEW YORK — Microsoft Corp is working on technology that it believes can make blockchain-based systems faster and more private, as it looks to speed up use of the distributed database software by enterprises.
  • The company said on Thursday that it had developed a system called Coco Framework, which connects to different blockchain networks to solve some of the issues that have slowed down their adoption, including speed and privacy concerns.
  • Coco, whose names stands for Confidential Consortium, will be ready and made open source by 2018, Microsoft said.
  • It is currently compatible with Ethereum, one of the most popular types of blockchains and can make it roughly 100 times faster, Microsoft said.
  • “We expect this to be the foundation for blockchain for enterprise,” Mark Russinovich, chief technology officer of Azure, Microsoft’s cloud computing division, said at a press briefing.

Microsoft Corp is working on technology that it believes can make blockchain-based systems faster and more private, as it looks to speed up use of the distributed database software by enterprises.
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Microsoft unveils technology to speed up blockchain and its adoption

Microsoft unveils technology to speed up blockchain and its adoption $MSFT

  • REUTERS/ Mike Blake/File Photo

    NEW YORK (Reuters) – Microsoft Corp (MSFT.O) is working on technology that it believes can make blockchain-based systems faster and more private, as it looks to speed up use of the distributed database software by enterprises.

  • The company said on Thursday that it had developed a system called Coco Framework, which connects to different blockchain networks to solve some of the issues that have slowed down their adoption, including speed and privacy concerns.
  • It is currently compatible with Ethereum, one of the most popular types of blockchains and can make it roughly 100 times faster, Microsoft said.
  • “We expect this to be the foundation for blockchain for enterprise,” Mark Russinovich, chief technology officer of Azure, Microsoft’s cloud computing division, said at a press briefing.
  • Microsoft’s technology would make it easier for firms to control who can see what on a network without making the system slower.

Microsoft Corp (MSFT.O) is working on technology that it believes can make blockchain-based systems faster and more private, as it looks to speed up use of the distributed database software by enterprises. Coco, whose names stands for Confidential Consortium, will be ready and made open source by 2018
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